A new study found that in 16 of the 100 largest U.S. metros, a family of three earning a $100,000 annual income would spend more on the basics than what they earn. California cities made up half of the list. FOX13
The study analyzed various sources of data to determine the metros where someone can earn six figures and still be broke. The research team started with the 100 largest metros in the United States, basing its calculations on a family of three that earns a gross income of $8,333 monthly.
In San Jose, California, which is considered the land of tech giants and millionaire entrepreneurs, a family of three that earns $100,000 would be $1,493 in the red monthly after spending on the basics — the highest on the LendingTree’s list. According to LendingTree chief credit analyst Matt Schulz, it’s understandable that these high earners may be struggling to get by — particularly in high-cost-of-living areas.
"Lots of people in this country make six figures and are broke in this country for as many reasons as there are people," Schulz said. "Some of it may be the result of questionable choices, but for many, it’s simply due to things that are out of their control, such as outrageous housing prices, the high cost of gas, grocery bills or health care expenses.
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